In New York,  the Dow Jones Index fell 716 points or 1.69 percent on Friday. Leading the losses are Amazon (-4.41%), Nike (-3.86%) and Boeing (-3.39%).

The Dow Jones Index Closes 1.69% Lower

Stocks in the US closed sharply lower on Friday, pressured by mounting inflation concerns and escalating trade policy uncertainty. The S&P 500 slid 2%, the Dow Jones sank 715 points, and the Nasdaq 100 tumbled 2.7%. Tech giants led the decline, with Alphabet and Amazon dropping over 4%, and Microsoft and Meta falling 3.5%. Inflation worries intensified after the University of Michigan’s final consumer sentiment reading for March showed the highest long-term inflation expectations since 1993. Meanwhile, the core PCE price index, the Fed’s preferred inflation measure, rose 2.8% in February, surpassing forecasts, while consumer spending grew 0.4%. Investors braced for further trade disruptions as Trump’s 25% auto tariff takes effect next week, sparking concerns of retaliatory measures from key trading partners. The S&P 500 and Nasdaq lost over 1% and 2% respectively, booking their fifth weekly drop in six weeks, while the Dow declined 0.8%.

US Stocks Tumble on Inflation Concerns and Trade Disruptions

The S&P/TSX Composite Index dropped 1.6% to close at 24,759 on Friday, wiping out weekly gains to register an overall 0.8% decline, as investors remained cautious amid looming US tariffs, tepid GDP growth, and inflation worries. President Trump’s recent announcement of a 25% tariff on foreign-made cars has exacerbated fears over escalating trade tensions, compounding with Prime Minister Carney’s stark warning of potential retaliatory measures. Meanwhile, preliminary data indicating that Canadian GDP stagnated in February has intensified apprehensions about a broader economic slowdown. On the U.S. front, long-term inflation expectations soared to their highest level since 1993, while the core PCE rose by 2.8% in February—pressuring the Federal Reserve to sustain higher borrowing costs. Eight out of nine major industries traded in the red, with Shopify leading the decline with a 5.7% drop, while Brookfield and Canadian Pacific Railway fell by 4.2% and 3.1%, respectively.

TSX Retreats Amid Trade Tensions and Economic Headwinds

Brent crude oil futures dipped 0.5% to settle at $73.6 per barrel on Friday, , due to concerns that the ongoing trade tensions, particularly between the U.S. and key trading partners, could spark a global recession. Despite this, oil prices recorded their third consecutive weekly gain, supported by U.S. sanctions on Venezuela and Iran. The U.S. crude inventory data revealed a 3.3 million barrel decline, signaling continued strong demand. President Trump's tariffs on Venezuelan oil are expected to worsen the nation’s production decline, while sanctions on Iran and the pressure on Venezuela are tightening global supply. The market is closely monitoring these geopolitical risks and their impact on oil prices.

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The Dow Jones Index Closes 1.69% Lower

US Stocks Tumble on Inflation Concerns and Trade Disruptions

TSX Retreats Amid Trade Tensions and Economic Headwinds

Brent Dips on Trade Tensions but Secures Third Weekly Gain